Last Updated on August 29, 2023 by marie
Foreign Investment in Turkey – Official Figures
According to official Turkish statistics, between 2003 and 2017, foreign investment in Turkey grew exponentially. Foreigners bought properties worth 42 billion USD in Turkey. The real estate sector saw a significant increase in interest from foreigners before 2013, when a new law eliminated the need for reciprocal buying rights between nations, making it easier for Middle Eastern buyers to purchase in Turkey. In 2003, sales to foreign buyers were 998 million USD, but they skyrocketed to 4.64 billion USD in 2017. In the past 5 years, over 99,650 homes were sold to non-Turkish citizens. Industry experts predict total sales could reach 50 billion by 2019, based on the current value of the Turkish Lira.
During the first quarter of 2018, there was a 20% increase in foreign property purchases in Turkey compared to the previous year. This figure rose to 25% in April, with a total of 2043 homes being bought by foreigners. The most common nationalities among these buyers were Iraqi, Saudi, Iranian, Kuwaiti, and Russian. The trend remained consistent, as two destinations remained the most popular among foreign buyers. Antalya and Istanbul remain the juga naughts for foreign investment in Turkey property sector.
Istanbul has long been the top choice for both foreign and local property buyers. The city is experiencing a rapid increase in new and pre-construction developments. Many of these projects are concentrated in the outskirts of the city centre, particularly on the European side, which will also be the site of the New Istanbul Third Airport, set to become one of the largest travel hubs in the world.
The Antalya area, a top choice for tourists and expatriates, encompasses the smaller coastal destinations of Belek, Kemer, Kaş, Kalkan, and Side, as well as the larger areas of Alanya and the central city. Its vibrant, multicultural environment appeals to a wide variety of foreign nationals, particularly Russians, Germans, Eastern Europeans, and Brits.